Sell Off Accelerating. Is It Due To Egypt? (SPY, QQQQ, DIA)

The sell off in the equity markets are accelerating, with the broader indexes falling over 1% for each of the three broader indexes. Traders on the floor of the New York Stock Exchange are attributing the strong sell off in the past 30 minutes to the situation in Egypt. Oil and gold are rallying sharply on this news, while the equity markets continue to take a beating. Energy and gold related equities, like Exxon Mobil XOM and Barrick Gold ABX are holding up fairly well, with gold related names skyrocketing on the fear factor. If this political unrest continues, as I suspect it will, these names will outperform the rest of the market for the time being. Disclosure: no position in names mentioned